While MBNA loans are not currently available you may wish to look for an alternative option with similar features such as:
- Loans from between £5,000 and £25,000
- Make no repayments for the first four months
- A flexible repayment period from one to eight years
As MBNA loans are not available at the moment there is not a MBNA loan calculator, however many lenders do. If you are interested in getting a loan from a provider you could use their loan calculator to get an indication of what it could cost you in repayments. You normally just need to enter the amount you want to borrow and how long you want the repayment period to be.
Most loan calculators work out your estimate based on the lenders Representative APR for a loan of that size, however if you decide to apply for a loan there is the chance that the lender, once they have assessed your credit score and other financial information, will offer you an alternate APR meaning the amount you are expected to repay would be different.
Before you take out a loan
As loans can vary greatly, it is important to shop around before you app
ly to make sure it is the best choice for you. As well as comparing different financial products, you may also want to look into alternatives to borrowing to see if they could better suit your needs, for example if you already have the required sums saved, then it may be better to use your savings than to borrow. This is because interest you earn from your savings may be less than the rate of interest that you would need to pay on your loan.
It is also important to consider if you are thinking of taking out alone to consolidate debt that spreading your payments over a longer term means you may ultimately be paying more overall than with your existing arrangements, even if the interest rate on this new loan is less than the rates you have at the moment.
The free comparison tables above can help you compare different personal loans; you can use them to consider what might be a good choice for you. When thinking about taking out a loan consider what features are most important to you.